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Zakah (Zakat) On Money Due On Account Of Credit Sale

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Mansoor Danish

Channel: Mansoor Danish

Episode Notes

Episode Transcript

© No part of this transcript may be copied or referenced or transmitted in any way whatsoever. Transcripts are auto-generated and thus will be be inaccurate. We are working on a system to allow volunteers to edit transcripts in a controlled system.


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Salam aleikum wa rahmatullah. There is a question on Zakat on outstanding money or credit which is given in business. When somebody buys goods from you, you give them two to three months period of time to make the payment. Now again, in such case, we again have to look at it from two perspectives. One is that you know that the person is rich, and that the person is going to make the payment to you in two or three months time, you've given him that period of three months time to make the payment. So the wealth is going to come back to you. In situation like this, you will add up this entire amount to your socketable wealth, and you will be paying 2.5% for the year. Now, once

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you've calculated the amount on this at two and a half percent, you have an option of paying it on the spot with the rest of your zakat. Or you may decide to wait till you get that money in your hand after two or three months and then pay zakat on it. But the calculation of the cart will include this amount for the year. The second situation is where you feel that this is as good as bad debt, it's as good as to be written off, there is no hope of the money coming back to you. In such a case, whenever you receive the money, you will pay the socket immediately for one year at two and a half percent. You don't have to wait for the haul. In that case. Whenever you receive the money. Maybe

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after two years or five years or 10 years you had written off the debt. Suddenly the person comes up to your house and says, Well my money is ready with me. Now I want to pay the amount which was due to you. You take the money from him and you pay two and a half percent immediately for the one year and Allah knows best